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According to a new report, Banking on Climate Chaos, two-thirds of the world's largest 65 banks increased their financing to fossil fuel companies by $162bn from 2023 to 2024, now totalling $869bn. The shift comes despite the ongoing climate crisis and the banks' previous commitments to reduce emissions. The report highlights that many banks have walked back their climate promises, and notes that four of the five largest fossil fuel financiers in 2024 were American companies, with JPMorgan Chase lending the most at $53.5bn. Bank of America was second, followed by Citigroup, Japan's Mizuho Financial, and Wells Fargo in fifth. David Tong, global industry campaign manager at Oil Change International, said: "By injecting a staggering $869bn into fossil fuel financing in 2024 alone, the world's largest banks fund the climate chaos that fossil fuel companies wreak on people and communities worldwide." 

 

The Guardian

Federal Reserve officials kept the key interest rate unchanged at 4.25%-4.5% for their fourth straight meeting. Along with the rate decision, the committee indicated, through its closely watched “dot plot,” that two cuts by the end of 2025 are still on the table. The plot indicated continued uncertainty from Fed officials about the future of rates. Each dot represents one official’s expectations for rates. There was a wide dispersion on the matrix, with an outlook pointing to a fed funds rate around 3.4% in 2027. In a post-meeting statement, the Fed’s rate-setting committee said uncertainty about the economic outlook has “diminished,” but said it’s still watching closely for risks related to both inflation and unemployment. Fed Chair Jerome Powell said after the release that the Fed needs more confidence about the path of inflation. “Without tariffs that confidence would be building,” he commented. “We have to learn more about tariffs. I don’t know what the right way for us to react will be. I think it’s hard to know with any confidence how we should react until we see the size of the effects.” Commenting on President Donald Trump's criticisms - on Wednesday he called him "a stupid person" - Mr. Powell said the Fed is "well-positioned" to deliver "a good solid American economy," adding: "Pretty much that's all that matters to us."

 

AP News

CNBC

Politico

Wall Street Journal

President Donald Trump's tax and budget bill is projected to increase deficits by $2.8tn over the next decade, according to an analysis released Tuesday by the Congressional Budget Office (CBO). The report, which incorporates dynamic analysis, indicates that the bill will not only raise interest rates but also add $441bn in interest payments on federal debt. Marc Goldwein, senior vice president of the Committee for a Responsible Federal Budget, said: “It's not only not paying for all of itself, it's not paying for any of itself.” With Mr. Trump pushing for the bill's passage by July 4th, Republicans are proposing deeper Medicaid cuts to offset costs. The CBO separately released another analysis on the tax bill last week, including a look at how the measure would affect households based on income distribution. It estimates the bill would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually.

 

AP News

Bloomberg

Washington Post

Wall Street Journal

In May, U.S. retail sales experienced a decline of 0.9% from April to $715.4bn. The Commerce Department reported that the decrease was largely influenced by a 3.5% drop in auto sales, with Americans rushing to buy vehicles earlier in the year ahead of President Donald Trump's 25% tariffs on imports. On an annual basis, sales were up 3.3%. Excluding autos, sales fell 0.3% from April. Food and beverage sales dropped 0.7%, and were down 2.7% at home and garden centers, 0.6% at electronics stores., and 2% at gas stations. However, there were positive trends, with online retailers seeing a 0.9% increase in sales. Despite the downturn, the economy remains stable, with low unemployment and cooling inflation, suggesting potential for steady consumer spending in the future.

 

ABC News

The Hill

CNBC

The Northgate and Vallarta supermarket chains, both founded by immigrant families, have expressed solidarity with immigrant communities amid recent ICE raids in Southern California. Evelin Gomez, who works at Vallarta, noted that customers are feeling the impact, adding: “The American dream doesn't exist anymore.” Both chains are committed to providing a safe space for all customers, with Vallarta commenting: “We believe everyone deserves to feel safe, welcomed and valued.” Despite reports of declining sales, they continue to operate at full hours and offer services like free delivery to support their communities. Alexandra Bolanos, Northgate's director of brand marketing, emphasized the importance of food in bringing joy during tough times, saying: “Food is essential, and oftentimes it brings happiness, joy.” The supermarkets are part of a broader movement among local businesses advocating for immigrant rights and support. Other prominent local food industry leaders, like Valerie Gordon, chef and owner of Valerie Confections in Glendale, have used their platforms to help fellow business owners understand their rights during an ICE encounter.

 

Los Angeles Times

DHL Express Canada has announced a nationwide shutdown of operations due to a strike and lockout involving 2,100 truck drivers and other workers. The company will cease parcel deliveries starting June 20, coinciding with the enforcement of federal legislation banning replacement workers. Despite earlier assurances from spokesperson Pamela Duque Rai that there would be "no significant disruptions," the situation has escalated. Unifor, representing the affected workers, has cautioned against replacing unionized staff with temporary workers, with president Lana Payne stating that such actions would hinder contract negotiations. This shutdown adds to the ongoing labor unrest in the parcel delivery sector. Canada Post is also in conflict with 55,000 workers amid strained negotiations.

 

Business in Vancouver

War risk insurance premiums for shipments to Israel have surged, now reaching up to three times higher than the previous week due to escalating tensions in the region. As of now, the cost for a seven-day voyage to Israeli ports ranges from 0.7% to 1.0% of the ship's value, compared to around 0.2% just a week ago. This increase in insurance costs adds significant expenses for shipping companies, many of which are already hesitant to operate in the area due to the heightened risk of attacks, particularly from Iranian-backed groups.

 

Reuters

Microsoft is prepared to walk away from high-stakes negotiations with OpenAI over the future of its multibillion-dollar alliance if the two sides remain unable to agree on critical issues, sources say. The tech giant has considered pausing discussions with the ChatGPT maker if the two sides remain unable to agree on issues such as the size of Microsoft's future stake in OpenAI, according to people familiar with the matter.

 

Financial Times

Reuters

Google has filed a lawsuit against LATAM Airlines in a U.S. federal court, asserting that Brazilian courts cannot compel the removal of a YouTube video which alleges a LATAM employee sexually abused a child. Google claims LATAM is attempting to circumvent U.S. free speech protections by seeking the video's removal through Brazilian legal channels. Jose Castaneda, a spokesperson for Google, said: "We have long supported the legal principle that courts in a country have jurisdiction over content available in that country, but not over what content should be available in other countries." The case follows a similar lawsuit involving other social media companies and highlights ongoing tensions between international legal jurisdictions and free speech rights.

 

Reuters

The Supreme Court is set to hear an appeal from Chevron, Exxon, and other oil and gas companies regarding lawsuits over coastal land loss and environmental damage in Louisiana. The companies are contesting a 2024 federal appeals court decision that kept these lawsuits in state courts, allowing them to proceed to trial after years of delay. In April, a southeast Louisiana jury ordered Chevron to pay upwards of $740m to clean up damage to the state's coastline; the verdict was the first of dozens of lawsuits filed in 2013 against leading oil and gas companies in Louisiana claiming they had violated state environmental laws for decades. The outcome of this appeal could have broader implications for similar lawsuits. Chevron argues that its historical role as a federal contractor necessitates federal court jurisdiction. Louisiana's Attorney General Liz Murrill affirmed her commitment to holding Chevron accountable, saying: “I'll fight Chevron in state or federal court - either way, they will not win.”

 

U.S. News

Switzerland's Attorney General's Office has fined Pictet Bank 2m Swiss francs (approximately $2.5m) for failing to prevent money laundering linked to a Petrobras-related investigation, while a former wealth manager received a six-month suspended prison sentence. The bank was found guilty of not taking adequate measures to stop the transfer of over $4.1m from an account associated with a Petrobras employee, which was used to conceal corrupt payments. Pictet said that the resolution of the matter does not imply an admission of guilt or liability and is unrelated to its asset management operations.

 

Reuters

Last week's crash of an Air India Boeing 787-8 Dreamliner during take-off from Ahmedabad has raised serious concerns regarding aviation safety in India. The Directorate General of Civil Aviation (DGCA) has requested training records for the pilots and dispatcher involved in the incident, which resulted in the tragic loss of at least 271 lives. Sumeet Sabharwal, the commanding pilot with 8,200 flying hours, was among those who perished. The DGCA's investigation aims to ensure compliance with safety protocols, saying that "compliance will be assessed during audits/surveillance." In light of the crash, Air India's Chairman N. Chandrasekaran emphasised the need for the incident to serve as a catalyst for enhancing airline safety. The Aircraft Accident Investigation Bureau is leading the investigation, while the DGCA has mandated flying schools to adhere to stricter safety measures.

 

U.S. News

Kraft Heinz announced on Tuesday that it will stop launching products with artificial colors in the U.S. immediately, adding that it aims to eliminate synthetic dyes from existing products by the end of 2027, replacing them with natural alternatives. Currently, nearly 90% of its U.S. product net sales are free from synthetic dyes. The decision follows Health Secretary Robert F. Kennedy Jr.'s initiative to remove synthetic food dyes from the U.S. food supply to combat chronic diseases including obesity. Relatedly, General Mills also said it is taking artificial colors out of its products. “It really comes back to listening to what consumers are interested in and then giving it to them”, General Mills chief executive Jeff Harmening said Tuesday. “Consumers have a high bar, and we’re confident we can meet that bar consumers have for our brands”.

 

CNN

CNBC

Minnesota Star Tribune